Good luck (you will need lots), I was learning CFC today. I think I was up at one point but ended up down on the prick. Suprisingly, this the most liquid out of the homebuilders/mortgage stocks. Some of the homebuilders are so horrible that I have seen slippage of 60 cents on some of them. These stocks follow the bond market on days like today. So some of them can make some sick moves, which is why I have been playing CFC which I do believe is the best out of that universe. But the slippage, incosistent liquidity, psychotic swings and jerking around by the specialist gets absurd at times and is VERY costly. It does make more sense to just trade ZB, unless you do not have that option like me. waggie trades the homebuilders, so he should have some input.
Do you always ask stupid questions as the bond market gets hammered, or do you just enjoy looking like a fool? No wait. Don't answer that!
Biggest monthly gain since May 2003: http://story.news.yahoo.com/news?tmpl=story&cid=568&ncid=749&e=1&u=/nm/20040416/bs_nm/economy_dc